W2 - Institutions

Open Ended

How did the world GDP experience such a dramatic increase in recent history? (think about what we talked about yesterday)

Multiple Choice

According to economists, what role do institutions play in society?

• Institutions provide the incentive structure for society

• Institutions are only government organizations

• Institutions have no impact on economic outcomes

• Institutions are the same as laws

Open Ended

Can you think of some South Korean exports? Can you think of any North Korean ones?

Multiple Select

What are some important institutions for economic growth mentioned in the lesson?

• Private Property

• Rule of Law

• Stable Government

• Markets

Multiple Choice

Which of the following is NOT a consequence of poor property rights?

• Lack of investment

• Inability to use property as collateral

• Increase in foreign aid

• Insecurity and conflict

Open Ended

Explain how poor property rights can affect investment and entrepreneurship in a country.

Open Ended

Describe the situation faced by Ghe and Tisa in Cambodia and how it illustrates the impact of weak property rights.

Open Ended

Why is it important for everyone, including government leaders, to follow the rule of law?

Multiple Choice

Which of the following is NOT a consequence of lacking rule of law?

• Unfair Treatment

• Corruption

• Economic Growth

• Insecurity

Open Ended

How do differential standards in bureaucracy affect entrepreneurship and growth?

Open Ended

Somalia has lacked an effective central government for over 30 years. Is this a good place to start a business? Why or why not?

Multiple Select

Which of the following are reasons why a stable government is important for business investment?

• Contracts are honored

• Fear of unrest is reduced

• Long-term planning is possible

• Civil war is guaranteed

Multiple Choice

According to economists, what role do institutions play in shaping society?

• Institutions provide the incentive structure for society

• Institutions are only government organizations

• Institutions have no impact on economic outcomes

• Institutions are the same as laws

Open Ended

How did the world GDP experience such rapid growth in recent centuries?

Open Ended

How are institutions similar to rules in sports, how are they different?